Vail Resorts Showing Significant Move To The Downside

Shares of Vail Resorts, Inc. (MTN) have moved sharply lower over the course of the trading session on Friday, plunging by 17.2 percent. With the steep drop on the day, Vail Resorts has fallen to its lowest intraday level in seven months.

The sell-off by Vail Resorts comes after the resort operator reported a much wider fiscal first quarter net loss on weaker than expected revenues.

Vail Resorts reported a first quarter net loss of $107.8 million or $2.66 per share compared to a loss of $28.4 million or $0.71 per share in the same quarter a year ago. The loss for the latest quarter included costs related to mergers and acquisitions and non-recurring costs.

The company also reported revenues for the quarter of $220.0 million, below the consensus analyst estimates of $234.5 million.